Private sector corruption: realities, difficulties of comprehension, causes and perspectives. The Lithuanian approach

The supply-side of corruption: a review of scenario, causes and prevention measure

“…Psychosocial also correlated with gaining a competitive advantage in business conditioned by private sector executives' broad discretion, continuously generated and managed cash flows, which may be easily steered as desired, penetration into new markets enforced by globalization. Besides, non-fulfilment of fiduciary duties, infringement of loyalty to the organization also determines the escalation of corrupt transactions in business (Pakstaitis, 2019).…”

“…Meanwhile, ensuring public welfare and well-being and serving the public fairly, favourable regulation for everyone is the public sector’s driving philosophy. Thus, transparency is essential in the public sector to achieve universal goodness and selflessness (Pakstaitis, 2019).…”

“…Previous studies suggest that corruption in the business environment can be explained from several dimensions: economy, psychosocial and legal and regulation (Gorsira et al , 2018; Owusu et al , 2019; Pakstaitis, 2019). The motivating economic factor is related to the economic realities of the daily-changing business conditions, where one must survive and grow.…”

“…The less attention is because of the assumption that corruption in the public sector is more dangerous and detrimental. As private sector corruption does not involve any public funds and seems more efficient in safeguarding its interest, there are postulations that corruptions are less likely to happen in the private sector (Pakstaitis, 2019). According to the neoclassical economic theory, corrupt firms in competing markets would be forced out of the market by their rivals who are not impacted by corruption (Gutmann and Lucas, 2018).…”